First it was Cyprus that took a 9.9% haircut from bank accounts in excess of 100,000 euros in March 18 to avert a financial crisis. Accounts under 100,000 euros had 6.7% of the funds seized.
On September 4th, it was Poland's turn:
"Poland is to shrink the role of private funds in its pension system by transferring the bonds they hold to the state and abolishing a rule that required all citizens to contribute.
The changes, announced by Prime Minister Donald Tusk, went much deeper than many in the market expected.
The overhaul will help the cash-strapped government push down public debt, giving it scope to increase public spending at a time when it is trying to restore its flagging popularity with voters.
The risk is that, by squeezing the private funds which hold assets equivalent to about one fifth of economic output, the changes will distort markets and dent Poland's reputation as a pro-market haven." - Reuters
Read more from Reuters UPDATE 1 >>
Read more from Reuters UPDATE 2-Poland reduces public debt through pension funds overhaul
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